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Home / Business / Facebook shares pop after revenue jumps 29%

Facebook shares pop after revenue jumps 29%



Shares of Facebook Inc. jumped 4% in afternoon trading Wednesday after the company announced third-quarter results that well beat analysts' revenue estimates and topped revenue forecasts.

The Menlo Park, California-based company

FB, -0.56%

reported net income for the third quarter of $ 6.09 billion, or $ 2.12 per share, for the quarter, compared to $ 5.14 billion, or 1, $ 76 per share, the year before.

Revenue jumped 29% to $ 17.65 billion from $ 1

3.73 billion a year ago. Ad sales accounted for 98% of total sales, or $ 17.38 billion.

Analysts surveyed by FactSet had estimated $ 1.91 to a share of revenue of $ 17.37 billion.

"We had a good quarter and our community and business continues to grow," Facebook Chief Mark Zuckerberg said in a statement. "We are focused on making progress on important social issues and building new experiences that improve people's lives around. around the world. "

Facebook also announced the departure of board member Susan Desmond-Hellmann, CEO of the Bill and Melinda Gates Foundation, after six years for personal and health reasons. Her compensation to the seven-member board is expected" during the In the coming months, "Facebook said in a submission.

Read more: Facebook revenue: What distractions? Another strong quarter is expected

Monthly Active Users (MAU), a key barometer for the company's growth , up 8% to $ 2.45 billion, as FactSet analysts predicted.

About 2.8 billion people use Facebook, and its WhatsApp, Instagram and Messenger features this month, said Facebook.

But not all of the numbers are rosy.

Americans spend 26% less time on Facebook than they did two years ago, and they increasingly use social networks as an alternative, according to a new study by market researcher Active Inc.

Facebook users used averages of nearly 13 hours per month on the platform in 2017; today the figure is down to 9:28 hours, Active said. At the same time, users of social media in the United States belong to 5.8 different social media networks; by 2023, it should be 10.

Facebook's share is up 44% this year, while the S&P 500 index

SPX, + 0.33%

has received 21%.


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